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Friday, November 27, 2009

2 high-rise office towers for last phase of Mid Valley City

Property developer IGB Corp Bhd is planning the last phase of development at Mid Valley City (MVC), which will feature two high-rise office towers worth an estimated RM1 billion.

Group managing director Robert Tan Chung Meng said IGB is awaiting approvals from the authorities and hopes to start construction in early 2010.

The two towers, which will be built similar to the existing 35-storey The Gardens North and South Office Towers, will offer 600,000 net sq ft of commercial space, Tan said.

They will be built on a 0.8ha site, which was originally meant for a convention centre, and later two blocks of high-end condominiums.

"We were toying with the idea to build condominiums or office towers. There are some residential developments coming up opposite MVC and we don't intend to compete with them," Tan said.
"MVC has become very much a commercial and retail hub so we decided to go with the office towers to take advantage of the development's MSC status, and to cater for rising demand," he added.

Tan was speaking to Business Times in Kuala Lumpur at the launch of Mid Valley City MSC Malaysia Cyber Centre One Stop Centre recently.

The centre was launched by Multimedia Development Corp chief executive officer Datuk Badlisham Ghazali.

Mid Valley City Sdn Bhd executive director Anthony P. Barragry also attended the event.

MVC received MSC Malaysia Cybercentre status on September 11 2008 under the MSC Malaysia National Roll-Out plan.

IGB pumped RM15 million into MVC, to enable fibre-optic connectivity through-out the mixed-development hub.

Barragry, meanwhile, said IGB will apply for MSC status for the two new office towers and it expects the take up for the properties to be as good as The Gardens North and South Towers.

According to Barragry, the North and South Towers are currently 95 per cent and 65 per cent leased, respectively.

Revenue from office rentals, which stood at RM55 million last year, is also expected to rise this year.

He added that MVC would make up more than 41 per cent of IGB group revenue for the year ending December 31 2009.

By Business Times (by Sharen Kaur)

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